The multifamily industry is facing a significant challenge — high turnover coupled with a shrinking talent pool. In a recent webinar, Micha Hawkins, Manager of Product Education at Entrata, and Chelsea Hansen, Entrata’s Product Marketing Manager, discussed strategies for attracting, training, and retaining top talent in this competitive landscape.

Understanding the Challenges

A staggering 42% of those working in property management cite HR, staffing, and recruitment as their biggest challenge. Moreover, the industry faces a 33.5% turnover rate, significantly higher than the 22% average across other sectors. Hawkins has been in the trenches, working on site at properties and she emphasized the demanding nature of the industry, including working long hours, limited flexibility, and a perception that it is hard to move up the corporate ladder.

Building a Strong Company Culture

One way to attract and retain site teams is building a culture that is focused on retention. Additionally there needs to be well-defined values, transparent leadership, and a focus on hiring individuals that align with the culture. Hawkins noted properties should prioritize personality and cultural fit over experience. Skills can be taught, but a positive attitude and passion are hard to instill. 

Attracting the Right People

To attract top talent, you should be crafting clear and compelling job descriptions, streamlining the hiring process with prompt communication, and paying close attention to employee referrals, particularly from highly valued team members.

Onboarding and Training for Success

Effective onboarding and training are crucial for setting new employees up for success. It’s important to provide diverse training options to cater to different learning styles, breaking down information into manageable chunks, and reinforcing learning through testing, certifications, and recognition. It was also highlighted that new employees must be trained on laws and regulations that impact the industry, like fair housing and company policies, while also cultivating customer service skills.

Leveraging Technology

Technology plays a vital role in streamlining workflows and improving efficiency. Property management companies  should be encouraged to embrace AI, automation, and reporting tools to enhance productivity and decision-making—all of which can be accomplished with Entrata's Business Intelligence, which is a valuable resource for making data-driven decisions.

By fostering a positive company culture, implementing effective training programs, and leveraging technology, property management companies can attract and retain top talent, leading to improved employee satisfaction, reduced turnover, and ultimately, greater success in a competitive market. Click here to watch the entire webinar.